Monday, June 10, 2013
San Francisco Introduces Low-Income Condos - Will Other Cities Do The Same?
Habitat For Humanity is a national, non-profit organization that builds safe and affordable housing for low-income families. These are homes that can be purchased way below typical market value. It is a unique concept where homeowners invest 500 hours of "sweat equity" to help build their own homes and also participate in homeowner workshops. The homes are sold to families at very affordable prices at zero percent interest.
Now the organization is beginning to build multi-unit complexes. The first one was built last year in the San Francisco area. Just south of San Francisco, the organization built a 36-unit condominium building that includes two- and three-bedroom condos. A total of 11,000 volunteers donated 155,000 hours to complete the project. Buyers who qualified to purchase the condos also contributed 500 hours to help build their own unit.
San Francisco has one of the highest-priced housing markets in the nation. The median price for a home is $510,000. But low-income families who qualify may purchase one of the new condos for only $225,000. To qualify, individuals or families must have income no more than 40-60 percent of the median gross annual income for households, based on the number of people in the household.
Other requirements to purchase a Habitat For Humanity home include a steady source of income, ability to make the monthly payments on the home, and a willingness to help build their home.
The organization already has plans to build several more multi-unit condo buildings in the San Francisco area.
For more information, visit www.habitatgsf.org/page.aspx?pid=473